Global Finance After the Crisis

Global Finance After the Crisis

This is a book full of good judgement that deserves a wide readership.Õ Ð Martin Jacques, author, When China Rules the World: The End of the Western World and the Birth of a New Global Order ÔThe interplay between the macro-economic ...

Author: Richard A. Ile

Publisher: Edward Elgar Publishing

ISBN: 9781781951866

Category: Business & Economics

Page: 320

View: 129

ÔRichard Iley and Mervyn Lewis have written an extremely useful book on the global economy since the Western financial crisis. Well-written, well-informed and easily accessible to non-economists, it offers much good sense about many questions, from the future of the renminbi to that of the United States. They wisely urge that, as ChinaÕs rise continues, the United States should engage with China rather than resist it. This is a book full of good judgement that deserves a wide readership.Õ Ð Martin Jacques, author, When China Rules the World: The End of the Western World and the Birth of a New Global Order ÔThe interplay between the macro-economic imbalances, notably in the relationship between the USA and China, and the more micro-economic shortcomings of the WestÕs financial systems, particularly the lax regulation, forms the centre-piece of this excellently written book. In the disputes about the relative culpability of China and the USA for current macro-economic problems, they tend to support the Chinese arguments, and give well-considered arguments for so doing. This book provides an excellent, clear, and at times provocative, assessment of the course of the macro-monetary problems of the world since the Ògreat recessionÓ struck.Õ Ð Charles A.E. Goodhart, London School of Economics, UK This thought-provoking book addresses challenging questions raised in light of the aftermath of the global financial crisis that saw an accelerated rise in the economic growth of China and other emerging market economies, while the US, Japan and Europe have laboured under the great recession. The authors examine global post-crisis reordering in a long-run context, identify five fundamental flaws in global bank business models and document the explosion of gross capital flows. They tackle difficult-to-answer lines of enquiry such as: can zero interest rates and quantitative easing lift the advanced world back to growth, or will they be dragged down by the overhang of debt? Might costs on savers, retirees and distortions to the pattern of global financing render zero rates counter-productive? What issues face the BRICs? Could ÔChina as number oneÕ see the renminbi soon challenge the dollar and the euro as a major international currency? Providing a detailed analysis of the post-crisis world and the issues posed by the rise of China and emerging market economies relative to developed countries, this book will prove a stimulating account for academics, students and researchers in the fields of economics, money, finance and banking, and world trade. Bank and market economists as well as policymakers based in central banks, governments and think-tanks will also find this book to be an invaluable reference tool.
Categories: Business & Economics

After the Financial Crisis

After the Financial Crisis

This international collection studies how the financial crisis of 2007 and the ensuing economic and political crises in Europe and North America have triggered a process of change in the field of economics, law and politics.

Author: Pablo Iglesias-Rodriguez

Publisher: Palgrave Macmillan

ISBN: 1137509546

Category: Social Science

Page: 353

View: 905

This international collection studies how the financial crisis of 2007 and the ensuing economic and political crises in Europe and North America have triggered a process of change in the field of economics, law and politics. Contributors to this book argue that both elites and citizens have had to rethink the nature of the market, the role of the state as a market regulator and as a provider of welfare, the role of political parties in representing society’s main political and social cleavages, the role of civil society in voicing the concerns of citizens, and the role of the citizen as the ultimate source of power in a democracy but also as a fundamentally powerless subject in a global economy. The book studies the actors, the areas and the processes that have carried forward the change and proposes the notion of ‘incomplete paradigm shift’ to analyse this change. Its authors explore the multiple dimensions of paradigm shifts and their differentiated evolution, arguing that today we witness an incomplete paradigm shift of financial regulations, economic models and welfare systems, but a stillbirth of a new political and economic paradigm.
Categories: Social Science

Managing Complexity

Managing Complexity

In this volume, the result of a joint research project of Chatham House and the International Monetary Fund, researchers and policymakers who were directly involved in the crisis take a critical look at the challenges facing international ...

Author: Tanim Bayoumi

Publisher: Brookings Institution Press

ISBN: 9780815727170

Category: Business & Economics

Page: 416

View: 213

A critical look at the challenges facing international policy cooperation in the new postcrisis environment. The global financial crisis of 2007–09 highlighted the economic interdependencies between all major countries, raising the issues of international cooperation. Managing Complexity: Economic Policy Cooperation after the Crisis looks at how, following the global financial crisis, countries have changed the way they cooperate with each other on matters of economic policy. In this volume, the result of a joint research project of Chatham House and the International Monetary Fund, researchers and policymakers who were directly involved in the crisis take a critical look at the challenges facing international policy cooperation in the new postcrisis environment and at how the theory and practice of cooperation have evolved as a result of the crisis.
Categories: Business & Economics

Money and Finance After the Crisis

Money and Finance After the Crisis

This collection demonstrates the progress made by bringing together prominent scholars to discuss the aftermath of the crisis of 2007–9. It is a powerful book, handled with confidence by the editors, all authorities in the field.

Author: Brett Christophers

Publisher: John Wiley & Sons

ISBN: 9781119051404

Category: Science

Page: 272

View: 639

Money and Finance After the Crisis provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability. Contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. A multidisciplinary collection of essays that study the geographies of money and finance that have unfolded in the wake of the financial crisis Contributions discuss a wide range of contemporary social formations, including the complexities of modern debt-driven financial markets Chapters critically explore proliferating forms and spaces of financial power, from the realms of orthodox finance capital to biodiversity conservation Contributions demonstrate the centrality of money and finance to contemporary capitalism and its political and cultural economies
Categories: Science

Economic Freedom and Welfare Before and After the Crisis

Economic Freedom and Welfare Before and After the Crisis

This book offers an extensive review of market-oriented economic reforms since 1970, and considers the question of whether more liberal economic policy yields greater social welfare.

Author: Petar Stankov

Publisher: Palgrave Macmillan

ISBN: 3319624962

Category: Political Science

Page: 172

View: 728

This book offers an extensive review of market-oriented economic reforms since 1970, and considers the question of whether more liberal economic policy yields greater social welfare. The author demonstrates that, despite the widespread uniformity of economic policy across countries over the past 45 years, welfare differences persist. Stankov posits that the crisis has stalled the momentum of economic freedom reforms across the globe and policy agendas have gradually shifted from pro-market to pro-redistribution. The book argues that this shift is inevitable: market-oriented economics, Stankov notes, is the natural bedfellow of populism. Through rigorous empirical methodology and the use of various case studies, Stankov is among the first to offer an empirical explanation.
Categories: Political Science

Economics After the Crisis

Economics After the Crisis

However, this book differs from other introductory economics textbooks in the perspective it takes, and it incorporates issues that are presently underserved by existing textbooks on the market.

Author: Irene van Staveren

Publisher: Routledge

ISBN: 9781317743095

Category: Business & Economics

Page: 440

View: 721

Economics After the Crisis is an introductory economics textbook, covering key topics in micro and macro economics. However, this book differs from other introductory economics textbooks in the perspective it takes, and it incorporates issues that are presently underserved by existing textbooks on the market. This book offers an introduction to economics that takes into account criticisms of the orthodox approach, and which acknowledges the role that this largely Western approach has played in the current global financial and economic crisis. A key feature of the book is its global approach: it offers examples from countries all over the world, including from developing and emerging economies. The chapters discuss all major economic topics, including individuals and households; the behaviour of consumers; the behaviour of firms; markets; the role of the state; public goods and commons; labour markets; capital markets; the macroeconomic flow; economic growth; international trade; nature and environmental externalities; poverty and wellbeing. Throughout, the book presents theoretical perspectives in which social structures, relatedness, uncertainty, and social norms provide key economic explanations, contrasting these with the idealized worldview of neoclassical economics. Economics After the Crisis is designed for a one-semester introductory course in economics, primarily at undergraduate but also at postgraduate level, and is suitable for students from a range of disciplines. It will be of particular relevance to those students with an interest in developing economies. https://www.coursera.org/learn/economicsfromapluralistperspective
Categories: Business & Economics

Financial Regulation in the European Union After the Crisis

Financial Regulation in the European Union After the Crisis

Following Minsky's approach, this volume explores the interplay between monetary policy, regulation and institutions in the aftermath of the great financial crisis.

Author: Domenica Tropeano

Publisher: Routledge

ISBN: 0367878305

Category:

Page: 174

View: 875

In the wake of the financial crisis, new regulatory measures were introduced which, along with changes in monetary and macroeconomic policy, have transformed the global financial structure. However, this new financial structure displays various fragilities. A new shadow banking system has grown both inside and outside the traditional banks and the divergence between core and periphery countries' banks has increased further due to both the new regulations and the European Central Bank's very peculiar interventions. Following Minsky's approach, this volume explores the interplay between monetary policy, regulation and institutions in the aftermath of the great financial crisis. Minsky's insights are used to interpret the recent regulatory changes and consider how they have affected the evolution of banks and financial markets. The unfortunate conclusion is that the changes in financial regulation introduced in various jurisdictions and inspired by the work of the Basel Committee, have not succeeded in thwarting the instability of the economic system. Instead, the mix of policies implemented so far has brought about increased fragility in the financial system. Minksy's work on financial stability offers alternative solutions which policy-makers need to consider to resolve these issues. Financial Regulation in the European Union After the Crisis is an important volume for those who study political economy, banking and monetary economics.
Categories:

Economics After the Crisis

Economics After the Crisis

In Economics After the Crisis, Adair Turner offers a strong counterargument to this somewhat complacent view.

Author: Adair Turner

Publisher: MIT Press

ISBN: 9780262300995

Category: Business & Economics

Page: 128

View: 462

A noted economist challenges the fundamental economic assumptions that cast economic growth as the objective and markets as the universally applicable means of achieving it. The global economic crisis of 2008–2009 seemed a crisis not just of economic performance but also of the system's underlying political ideology and economic theory. But a second Great Depression was averted, and the radical shift to New Deal-like economic policies predicted by some never took place. Perhaps the correct response to the crisis is simply careful management of the macroeconomic challenges as we recover, combined with reform of financial regulation to prevent a recurrence. In Economics After the Crisis, Adair Turner offers a strong counterargument to this somewhat complacent view. The crisis of 2008–2009, he writes, should prompt a wide set of challenges to economic and political assumptions and to economic theory. Turner argues that more rapid growth should not be the overriding objective for rich developed countries, that inequality should concern us, that the pre-crisis confidence in financial markets as the means of pursuing objectives was profoundly misplaced.
Categories: Business & Economics

Aftershock

Aftershock

* Where now for the world, in the wake of the global financial crisis?

Author: Philippe Legrain

Publisher: Abacus Software

ISBN: 034912275X

Category: Economic history

Page: 432

View: 890

The financial crisis brought the world to the brink. But now bankers' bonuses are back, house prices are rising again and politicians promise recovery. Is this really sustainable - or do we need to change course? In this incisive assessment of the post-crisis world, Philippe Legrain looks at what went wrong, and how the world's leaders and financial institutions can learn from their disastrous mistakes. Reporting first-hand from across the globe he sets out the huge dangers ahead - and the opportunities to craft a fairer, safer, richer and greener world. Wide-ranging, brilliant and impassioned, AFTERSHOCK it is at once a warning from history and a compelling call to arms for the future.
Categories: Economic history

After the Crisis

After the Crisis

The second part of the book explores how the discipline can overcome its difficulties and place itself on a firmer foundation, suggesting ways that we can productively combine the debates of the late twentieth century with a renewed sense ...

Author: James G. Carrier

Publisher: Routledge

ISBN: 9781317327974

Category: Social Science

Page: 212

View: 444

After the Crisis: Anthropological Thought, Neoliberalism and the Aftermath offers a thought-provoking examination of the state of contemporary anthropology, identifying key issues that have confronted the discipline in recent years and linking them to neoliberalism, and suggesting how we might do things differently in the future. The first part of the volume considers how anthropology has come to resemble, as a result of the rise of postmodern and poststructural approaches in the field, key elements of neoliberalism and neoclassical economics by rejecting the idea of system in favour of individuals. It also investigates the effect of the economic crisis on funding and support for higher education and addresses the sense that anthropology has ‘lost its way’, with uncertainty over the purpose and future of the discipline. The second part of the book explores how the discipline can overcome its difficulties and place itself on a firmer foundation, suggesting ways that we can productively combine the debates of the late twentieth century with a renewed sense that people live their lives not as individuals, but as enmeshed in webs of relationship and obligation.
Categories: Social Science

Banking in Europe

Banking in Europe

This book will be of interest to academics, researchers and students of European banking.

Author: Mariarosa Borroni

Publisher: Springer

ISBN: 9783030150136

Category: Business & Economics

Page: 118

View: 550

This Palgrave Pivot provides a comprehensive overview of the dynamics that are affecting the profitability of European banks since the recent crisis period. More specifically, it sheds light on the most crucial changes in profit generation and on the consequential changes in banking strategies due to fiercer competition, reduced margin and changing regulation. The work is divided in four main parts. The first section introduces the changes in bank management policies, considering the periods before and since the crisis. In the second section, the authors review the literature on bank profitability and outline the main determinants of profit generation, and in the third section they provide a cross-country analysis of profitability for a wide sample of European banks during the great financial crisis. In the last section, the authors discuss the results of the quantitative analysis under the new regulatory and competitive framework that is progressively affecting the banking sector (fintech, Basel regulations, etc.). This book will be of interest to academics, researchers and students of European banking.
Categories: Business & Economics

Rethinking Fiscal Policy after the Crisis

Rethinking Fiscal Policy after the Crisis

This book, written by a team of leading economists, seeks to address the current oversight of fiscal policy and to upgrade our understanding and conduct of fiscal policy, presenting a well-balanced diagnosis and offering several important ...

Author: Ľudovít Ódor

Publisher: Cambridge University Press

ISBN: 9781108339483

Category: Business & Economics

Page:

View: 845

Before the financial crisis, fiscal policy often played a secondary role to monetary policy, with the manipulation of interest rates to hit inflation targets being the main instrument of macroeconomic management. However, after the financial crisis and the subsequent euro crisis, fiscal policy has been brought back to the fore. In the past, the limited understanding of the effects of fiscal policy, neglect of monetary-fiscal interactions, faulty institutional set ups or ignorance of market expectations often led to bad policies. This book, written by a team of leading economists, seeks to address the current oversight of fiscal policy and to upgrade our understanding and conduct of fiscal policy, presenting a well-balanced diagnosis and offering several important lessons for future fiscal analysis and policymaking. It is an essential read for academics and graduate students focused on the current debate over fiscal policy, as well as policy-makers working on day-to-day policy issues.
Categories: Business & Economics

Managing Openness

Managing Openness

This book aims to contribute to this important and ongoing policy debate, bringing together recent empirical work on the trade collapse, its causes and consequences, and the broader trade policy agenda in the post-crisis environment.

Author: Mona Haddad

Publisher: World Bank Publications

ISBN: 9780821386330

Category: Business & Economics

Page: 327

View: 142

The global financial crisis triggered a broad reassessment of economic integration policies in developed and developing countries worldwide. The crisis-induced collapse in trade was the sharpest ever since World War II, affecting all countries and all product categories. A huge shock to the trading system, combined with severe macroeconomic instability, makes it natural for policymakers to call into question the basic underlying assumptions of trade liberalization and openness. In particular, outward-oriented or export-led growth strategies are being reassessed as openness is increasingly associated with greater volatility. However, it is crucial not to lose sight of the dynamic benefits that openness can offer. Examples include technology transfer, increased competitive pressure that reduces markups and improves efficiency, and economies of scale. The real question is how to manage outward-oriented strategies so as to maximize the benefits of openness while minimizing risks. This book aims to contribute to this important and ongoing policy debate, bringing together recent empirical work on the trade collapse, its causes and consequences, and the broader trade policy agenda in the post-crisis environment. It addresses critical policy issues revolving around the topic of outward-oriented growth strategy, including policy instruments that help manage risks associated with outward-orientation, lessons learned from the crisis for particular countries and regions, and how emerging trade policy issues such as climate change, commodities, global production networking, and migration affect the prospects for recovery and outward-oriented growth.
Categories: Business & Economics

After 08

After  08

Or should they implement alternative measures to challenge economics as usual? This volume explores how international organizations and nation states in Europe, Asia, Africa, Latin America, and North America responded to the recession.

Author: Stephen McBride

Publisher: UBC Press

ISBN: 9780774829663

Category: Political Science

Page: 352

View: 189

The 2007-08 financial crisis marked a turning point for social policy. World leaders were forced to take a position: Should they entrench neo-liberal policies in response to the crisis? Or should they implement alternative measures to challenge economics as usual? This volume explores how international organizations and nation states in Europe, Asia, Africa, Latin America, and North America responded to the recession. Contributors examine whether social policy followed a similar trajectory across countries and regions or whether their diverse national experiences produced equally diverse solutions.
Categories: Political Science

After the Crisis

After the Crisis

After the Crisis reassesses the twin projects of structural reform and European integration in the wake of the Great Recession and the European Sovereign Debt Crisis.

Author: Francesco Caselli

Publisher: Oxford University Press

ISBN: 9780191069840

Category: Business & Economics

Page: 224

View: 577

After the Crisis reassesses the twin projects of structural reform and European integration in the wake of the Great Recession and the European Sovereign Debt Crisis. The introduction compares the pre-crises debate to the current situation, and highlights a number of ways in which both reform and further integration may have become more difficult. Chapter 1 surveys the state of the structural-reform agenda, its successes, failures, and priorities for further action. The second chapter focuses on the fiscal-policy response to the crisis and advocates a greater balance between supply-side reforms and demand-side management. The third chapter focuses on the asymmetric shocks across economies in the monetary union, and discusses institutional mechanisms to reduce their frequency and impact. Chapter 4 examines the cyclical behavior of output and financial indicators, as well as the counter-cyclical role of macro-financial policies, both at the national and the European level. The fifth chapter studies changes in Europeans' attitudes, showing how the recent crises have eroded public confidence in European institutions. The sixth chapter tackles the demographic challenges facing Europe, and particularly the way that demographic change may impact the reform agenda. Chapter 7 highlights the under-appreciated extent to which 'Europe', taken as a whole, is characterized by a substantial amount of inequality and geographical income clustering, and the challenge this poses for further integration.
Categories: Business & Economics

After the Music Stopped

After the Music Stopped

The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable.

Author: Alan S. Blinder

Publisher: Penguin

ISBN: 9780143124481

Category: Business & Economics

Page: 528

View: 553

The New York Times bestseller "Blinder's book deserves its likely place near the top of reading lists about the crisis. It is the best comprehensive history of the episode... A riveting tale." - Financial Times One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons. Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage. With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them. The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.
Categories: Business & Economics

After the Crisis

After the Crisis

Trend of log output (1983-1989) More importantly, following the EMS crisis, output did not recover to its precrisis trend (1983–89), resulting in permanent loss in potential output growth in the long run.4 The ...

Author: Ms.Silvia Sgherri

Publisher: International Monetary Fund

ISBN: 9781455209446

Category: Business & Economics

Page: 32

View: 876

Italy’s deep-rooted structural problems resulted in an unsatisfactory productivity performance and a dismal growth over the last 15 years. The global financial crisis has exacerbated these long-standing weaknesses, taking a heavy toll on Italy’s economy. With output back to its end-2001 level, Italy’s output losses associated with the crisis have been, thus far, about 132 billion of 2000 euro (around 10 percent of precrisis 1998 - 2004 real GDP). About three quarters of these losses are estimated to be due to a shortfall in potential output. Potential output is not expected to rebound to its precrisis trend over the medium term, even though growth is projected to do so within the next two years. In the short-run, the decline in output is mainly accounted for by a collapse in productivity; in the medium term, employment and capital are also likely to be affected, with implications for the longer-term growth and fiscal outlook.
Categories: Business & Economics

Psychology After the Crisis

Psychology After the Crisis

After. Critique. Ian Parker has been at the centre of developments in critical and discursive psychology for over 25 years ... and includes a newly written introduction which traces the continuing impactofthe 'crisis', 'deconstruction', ...

Author: Ian Parker

Publisher: Routledge

ISBN: 9781317683384

Category: Psychology

Page: 126

View: 364

Ian Parker has been a leading light in the fields of critical and discursive psychology for over 25 years. The Psychology After Critique series brings together for the first time his most important papers. Each volume in the series has been prepared by Ian Parker, features a newly written introduction and presents a focused overview of a key topic area. Psychology After the Crisis is the first volume in the series and addresses three important questions: What was the crisis in psychology and why does it continue now? How did debates regarding the traditional ‘laboratory experiment’ paradigm in psychology set the scene for discourse analysis? Why are these paradigm debates now crucial for understanding contemporary critical psychology? The first two chapters of the book describe the way critical psychology emerged in Britain during the 1970s, and introduce four key theoretical resources: Marxism, Feminism, Post-Structuralism and Psychoanalysis. The chapters which follow consider in depth the critical role of Marxist thinking as an analytic framework within psychology. Subsequent chapters explore the application and limitations of critical psychology for crucial topics such as psychotherapy, counselling and climate change. A final chapter presents an interview which reviews the main strands within critical psychology, and provides an accessible introduction to the series as a whole. Psychology After the Crisis is essential reading for students and researchers in psychology, sociology, social anthropology and cultural studies, and for discourse analysts of different traditions. It will also introduce key ideas and debates in critical psychology for undergraduates and postgraduate students across the social sciences.
Categories: Psychology

Money and Finance After the Crisis

Money and Finance After the Crisis

Money and Finance After the Crisis providesanindispensableroadmaptotheworldwenowinhabit.Challenging and provocative,itwilllaunchmanyimpassionedconversations.'MaryPoovey,ProfessorofEnglish,NewYork University, ...

Author: Brett Christophers

Publisher: John Wiley & Sons

ISBN: 9781119051435

Category: Science

Page: 272

View: 503

Money and Finance After the Crisis provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability. Contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. A multidisciplinary collection of essays that study the geographies of money and finance that have unfolded in the wake of the financial crisis Contributions discuss a wide range of contemporary social formations, including the complexities of modern debt-driven financial markets Chapters critically explore proliferating forms and spaces of financial power, from the realms of orthodox finance capital to biodiversity conservation Contributions demonstrate the centrality of money and finance to contemporary capitalism and its political and cultural economies
Categories: Science